Nifty, Sensex may rally on global cues – Weekly closing report
Moneylife Digital Team 14 May 2021
We had mentioned in previous week’s closing report that Nifty, Sensex may move sideways. The major indices opened higher but headed downward and ended with minor losses over previous Friday’s closing price. The trend of the major indices in the week is given in the table:
 
 
On Monday, the indices opened higher and made decent gains. On the NSE, there were 1,349 advances, 641 declines and 89 unchanged.
 
Jindal Steel & Power made prepayment of Rs 2,462 crore to its term lenders as a strategy to reduce debt and build a robust balance sheet.
 
InterGlobe Aviation plans to explore all options to raise funds to increase its liquidity amid the aviation sector grappling with coronavirus pandemic woes. 
 
Vivimed Labs received approval from the government to manufacture and market favipiravir tablet under the name “Favulous” across India. It is used for treating mild to moderate cases of COVID-19.
 
UltraTech Cement reported 45.2% year-on-year (YoY) decline in consolidated profit at Rs 1,775.23 crore. 
 
On Tuesday, the indices opened lower and ended with minor losses. On the NSE, there were 1,178 advances, 774 declines and 74 unchanged.
 
Sun Pharma has received royalty-free, non-exclusive voluntary licences by US drugmaker Eli Lilly and Co for its baricitinib drug to help combat the second wave of COVID-19 in India.
 
Punjab National Bank has launched a qualified institutional placement offer to raise Rs 1,800 crore from institutional investors.
 
Siemens reported net profit growth of 90% YoY to Rs 334.4 crore compared to Rs 175 crore in the previous year. Revenue grew 30% YoY to Rs 3,540 crore.
 
IRDAI has penalised SBI General Insurance Company Rs 30 lakh for repeatedly violating Insurance Act and the regulations.
 
On Wednesday, the indices opened higher but ended in the red with minor losses. On the NSE, there were 887 advances, 1,088 declines and 61 unchanged.
 
Cadila Healthcare has informed the exchanges that a consortium of investors—Multiples Alternate Asset Management, Canada Pension Plan Investment Board (CPPIB) and Rakesh Jhunjhunwala-backed Rare Enterprises—will buy its animal healthcare business for Rs 2,921 crore. 
 
Asian Paints net profit jumped 81% to Rs 870 crore versus Rs 480.2 crore YoY. Revenue went up 43.5% to Rs 6,651.4 crore against Rs 4,635.4 crore, YoY. 
 
Jindal Steel & Power reported net profit of Rs 1,968 crore compared to Rs 182 crore in the previous year. Revenue grew 74% YoY to Rs 11,903 crore.
 
UPL net profit grew 72% YoY to Rs 1,063 crore from Rs 617 crore in the year ago period. Revenue grew 15% to Rs 12,845 crore from Rs 11,162 crore YoY.
 
The equity markets were closed on Thursday on account of Eid-ul-fitr.
 
On Friday, the indices opened lower and ended flat. On the NSE, there were 777 advances, 1,142 declines and 345 unchanged.
 
Cholamandalam Financial Holdings reported net profit growth of 110% year-on-year to Rs 84 crore compared to Rs 39.91 crore in the previous year. Total income grew 7% YoY to Rs 3,522 crore.
 
Aditya Birla Capital net profit grew 161% YoY to Rs 375 crore. Total income grew 16% YoY to Rs 5,591 crore.
 
Macrotech Developers (Lodha) reported net profit of Rs 310 cror, up 135% YoY from Rs 131.74 crore in the year ago period. Revenue dipped 18% YoY to Rs 2,611 crore.
 
Lupin net profit grew 18.2% YoY at Rs 460.4 crore. 
 
Dr Reddy's Laboratories reported 27.5% YoY decline in consolidated profit at Rs 553.5 crore in the quarter ended March 2021. 
 
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